Sensei Biotherapeutics (NASDAQ:SNSE) has successfully completed its acquisition of Faeth Therapeutics, a privately held company focused on innovative cancer therapies. This announcement was made during a recent webcast and conference call, where the company also detailed a concurrent private placement financing expected to raise approximately $200 million.
The acquisition marks the conclusion of a strategic alternatives process initiated in October 2023, aimed at maximizing shareholder value, according to Sensei President Chris Gerry. He emphasized that the decision to acquire Faeth, which specializes in clinical-stage treatments targeting complex cancer growth pathways, aligns with Sensei’s long-term goals.
Leadership Changes and New Strategies
With the transaction, Anand Parikh, previously co-founder and CEO of Faeth, has stepped in as the new Chief Operating Officer of Sensei. He joins the board of directors, bringing with him a wealth of experience in cancer biology. Parikh noted that Faeth’s approach diverges from traditional oncology therapies by focusing on “multi-node pathways.” This strategy integrates various scientific disciplines, including functional genomics and computational biology, to develop therapies that address the complexity of cancer.
Parikh discussed the company’s investigational therapy known as PIKTOR, designed to inhibit critical nodes within the PI3K/AKT/mTOR pathway. This oral combination therapy includes serabelisib, an alpha-specific PI3K inhibitor, and sapanisertib, targeting both mTORC1 and mTORC2. Parikh explained that targeting multiple nodes could overcome limitations faced by single-node strategies, which have often struggled due to incomplete pathway suppression and dose-limiting toxicities.
Clinical Focus and Future Expectations
During the call, Parikh highlighted that the company’s initial focus will be on endometrial, breast, ovarian, and lung cancers, all of which frequently exhibit alterations in the PI3K/AKT/mTOR pathway. PIKTOR is currently undergoing Phase II trials for endometrial cancer, with plans for additional studies in breast cancer. Parikh stated that top-line data from the ongoing trials is expected to be shared by the end of 2026, indicating a significant unmet need in treating endometrial cancer.
He also mentioned the initiation of a Phase Ib trial for HR-positive, HER2-negative advanced breast cancer, targeting a large market where the multi-node approach could prove advantageous. Beyond PIKTOR, the combined entity is advancing a preclinical pipeline that includes therapies aimed at rectal cancer and a pediatric program focused on inborn errors of metabolism.
The acquisition has been structured as a stock-for-stock merger, where Faeth equity interests will be exchanged for a combination of Sensei common stock and newly created Series B non-voting convertible preferred stock. The acquisition officially closed on February 17, 2026.
In connection with the acquisition, Sensei has entered into a securities purchase agreement that anticipates raising around $200 million through the sale of Series B preferred stock. This financing is set to close on February 20, 2026, with several institutional investors participating, including B Group Capital and RA Capital Management.
Management indicated that private placement investors will purchase shares at approximately $13,850 per share, with each preferred share expected to convert automatically into 1,000 shares of common stock, subject to ownership limitations.
The proceeds from this financing are expected to be primarily allocated toward advancing the PIKTOR program and achieving key clinical milestones, extending the company’s cash runway significantly.
As Sensei Biotherapeutics embarks on this new chapter, it remains focused on its mission to develop immunotherapies that harness the immune system to combat cancer and autoimmune diseases.